Paytm Payment Bank Launched With Cashback Offers & 4% Interest Rate

Paytm has finally launched Paytm Payment Bank in India which is the third Payment Bank in India after Airtel & IndiaPost. Paytm’s first physical branch of their payment bank in live in Noida from today onwards.

The account will have zero balance requirement and every online transaction (such as IMPS, NEFT, RTGS) will be free of charge. Means even if you zero balance, you can open your own account.

Right now, you can open your own account via invite basis as it’s just starting, and then you can easily open your account in this digital bank. In the first phase, Paytm will roll out the limited version of the banking app for our employees and associates.

Paytm said that, The Paytm Payments Bank will bring a new banking model to the world where an account holder’s money will be absolutely safe. Deposits will only be invested in government bonds that are used for the development of our nation.

The Paytm Payment Bank will give you annual interest of 4% per year and also, there are some cashback offers running as this is just starting. In order to open your account is Paytm Payment Bank, you need to get you KYC done in your Paytm account.

First of all, go into Paytm app, then profile and then click on “Get Your KYC Done” and that’s it. You can then open your account in the Paytm Payment Bank.

They are also setting up KYC centers across India to help customers get KYC done and make themselves eligible for a Payments Bank account.

Paytm will offer Rupay Debit Card just after you open your account and you can use that card to do online transactions. Not only digital, you can even request a physical card which you can use to withdraw cash from ATMs anywhere.

“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets,” Paytm Payments BankChairman Vijay Shekhar Sharma said in a statement.

How to Open Account Paytm Payment Bank?

To open an account in Paytm Payment Bank, you first need to get your KYC done as mentioned above then after follow below steps. Remember that, Paytm Payments Bank is currently available only via invitation.